The future of the annual V8 Supercars Series round at Symmons Plains is secure until at least 2019, following the agreement of a new five-year deal worth $4.125 million.

The Liberal Government is committed to building on our competitive strengths such as tourism to support and create jobs, which is why we have worked hard to secure the V8 Supercars Series for Tasmania.

Every year more than 55,000 spectators are drawn to the Symmons Plains International Raceway, injecting almost $5 million annually into the local economy.

The event is a major drawcard for around 3,500 interstate visitors per year, with each staying an average of three nights, which has an enormous flow-on effect for other tourism destinations state-wide.

Hotels, restaurants, taxi drivers and other small businesses will also benefit greatly, supporting jobs particularly in the north.

The Government has also committed $2 million over four years to improve the Symmons Plains racetrack, with a schedule of works to be determined in consultation with he Confederation of Australian Motor Sport.

This investment will build on the raceway’s reputation as one of the country’s best spectator venues and technically challenging tracks for drivers.

By agreeing to a five-year deal, we have been able to provide certainty for the future while delivering a more cost-effective outcome for the taxpayer than a shorter agreement.